FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Same pay on every loan View next topic
View previous topic



Post new topicReply to topic
Author Message
MBO
Dud?


Joined: 03 Jun 2008
Posts: 4

Same pay on every loan
PostPosted: Fri Jul 01, 2011 2:55 am Reply with quoteBack to top

I work for a regional bank. They have a policy in which we are paid differently on any bank referred loan and on certain niche products of the bank's. We are paid a lot less on these than on FHA/VA/Fannie/Freddie and other bank niche products.

Under the new law, is this legal?
View user's profileSend private message
MakingIt
Nitroglycerin


Joined: 04 Dec 2007
Posts: 629

Re: Same pay on every loan
PostPosted: Fri Jul 01, 2011 5:39 am Reply with quoteBack to top

MBO wrote:
I work for a regional bank. They have a policy in which we are paid differently on any bank referred loan and on certain niche products of the bank's. We are paid a lot less on these than on FHA/VA/Fannie/Freddie and other bank niche products.

Under the new law, is this legal?


Yes, they can distinguish internal leads from self-sourced.

(....remember , some big boys helped draft the law...)
View user's profileSend private message
dks
Nitroglycerin


Joined: 11 Jan 2008
Posts: 556

Re: Same pay on every loan
PostPosted: Fri Jul 01, 2011 2:23 pm Reply with quoteBack to top

If you want free legal advice - you will get what you pay for. yes, pay can be different based on lead source. No, pay can not be different based on niche products, which could lead to steering. However, exceptions apply if more bank resources are needed to process and handle these types of loans. If you are are a serious professional, and really concerned, then you should talk with a lawyer who is well versed on the nuances on the Dodd-Frank laws.
View user's profileSend private message
SoCalGal
Dyn-o-mite!


Joined: 01 Jul 2008
Posts: 390

Re: Same pay on every loan
PostPosted: Mon Jul 04, 2011 2:11 am Reply with quoteBack to top

Where are the lawyers who are "well versed on the nuances of the Dodd-Frank laws?" There is no such person. This piece o' sh!t legislation is so poorly crafted that any lawyer's interpretation is just that: an interpretation.

My broker takes the position: let 'em catch me first. I agree. It's easier to act now and apologize later than try to figure out how to act "right" to begin with.
View user's profileSend private message
PalmCoastFl
Flash in the pan


Joined: 13 Oct 2008
Posts: 77

Re: Same pay on every loan
PostPosted: Wed Jul 06, 2011 8:42 pm Reply with quoteBack to top

Hi,

Ive been out of the loop for a while, and looking to get back in.

A Multi State Lender says I need to make a compensation agreement at my request can be changed 1x every 60 days.

ie 2 points, or 2.5 points compensation per deal.

Naive questions please:

a. What if a borrower negotiates, I CANT?
b. So lets say I get 2.5 points at 5%, I can only offer say 4.5% and charge 2.5%, which is the wholesale par rate?
c. I can only offer 2 rates?
d. I cant get part payment from lender and borrower?


This is basic questions for those active in the business and I thank you for
your patience in answering them.
View user's profileSend private message
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT